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US enterprise IT company selling servers, storage, networking (via Juniper) and hybrid-cloud/AI infrastructure.
US enterprise IT company selling servers, storage, networking (via Juniper) and hybrid-cloud/AI infrastructure.
Sells servers, storage and networking, increasingly under GreenLake pay-per-use contracts. It was formed by the 2015 split of Hewlett-Packard, which left PCs and printers at HP Inc. It bought supercomputer maker Cray in 2019 and Juniper Networks in 2025, which makes networking a far larger part of the group.
Moat: narrow (installed base, switching costs, brand). Long enterprise relationships and the newly acquired Juniper networking business add scale, in a highly competitive hardware market.
Headquarters: Spring, Texas, US · Founded: 2015 · Employees: 67,000
Size Hewlett Packard Enterprise (HPE) is a United States Information Technology company (Computer Processing Hardware) with a market value of $59.4B, the 219th largest of 3,117 United States companies the cockpit tracks. Shares closed at $44.77 on 6 Nov 2026.
Performance Over six months the shares gained 43.2%, against +29.6% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 9 in its peer set.
Growth Revenue grew 26.6% over the last twelve months (peer median +32.2%); the operating margin is 8.0% (peer median 9.3%).
Valuation It trades at 9.6× forward earnings against a peer median of 11.5× (4th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.9 points below its cost of capital (10.5% WACC).
Backlog Backlog (remaining performance obligations) was $10.9B at 31 Jul 2026, up 8% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Credit Hewlett Packard Enterprise has 16 bonds outstanding ($15.4B), rated BBB by the agencies and trading like BBB at a weighted spread of 106 bp.
Short interest Short interest is 3.9% of the free float (15 Oct 2026).
Next results Next results expected around 23 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $41.9B | $34.3B | $30.1B | $29.1B | $28.1B |
| Revenue growth | — | +14% | +3% | +4% | — |
| Gross profit | $14.2B | $9.90B | $9.55B | $9.92B | $8.82B |
| EBITDA | $6.85B | $4.41B | $5.00B | $5.03B | $4.32B |
| Net income | $2.79B | $57.0M | $2.58B | $2.02B | $868M |
| Free cash flow | $4.16B | $627M | $1.97B | $1.60B | $1.47B |
| Capital expenditure | $2.54B | $2.29B | $2.37B | $2.83B | $3.12B |
| Total debt | $20.2B | $24.1B | $19.8B | $13.5B | $13.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hewlett Packard Enterprise HPE | $59.4B | +43% | +27% | 8% | 9.6× | 16.2% |
| Dell Technologies DELL | $209B | +26% | +49% | 10% | 11.6× | 10.1% |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
| IBM IBM | $232B | +6% | +7% | 21% | 18.8× | 7.6% |
| Lenovo 0992.HK | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HPE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.9% | -15.7% | 3rd lowest of 9 |
| 6-month return | +43.2% | +29.6% | 3rd highest of 9 |
| Distance from 52-week high | -39.1% | -28.0% | 4th lowest of 9 |
| Revenue growth (TTM) | +26.6% | +32.2% | 4th lowest of 9 |
| Operating margin | 8.0% | 9.3% | 4th lowest of 9 |
| Forward P/E | 9.6× | 11.5× | 4th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | 16.2% | 10.1% | 2nd most demanding of 6 |
| Growth delivered (Del g) | +5.0% | +6.6% | 2nd lowest of 6 |
| Hurdle (Req g minus delivered) | +11.2 pp | +4.5 pp | 2nd most demanding of 6 |
| ROIC minus cost of capital | -3.9 pp | +6.2 pp | lowest of 9 |
| EV / EBITDA | 10.7× | 10.5× | 4th cheapest of 7 |
| Net debt / EBITDA | 2.0× | 0.4× | 3rd most indebted of 8 |
| Bond spread | 106 bp | 107 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hewlett Packard Enterprise HPE | United States | $59.4B | +43% | +27% | 8% | 9.6× | 16.2% | +5.0% |
| Lenovo 0992.HK | Hong Kong | $30.8B | +50% | +26% | 5% | 8.2× | -15.0% | +6.6% |
| Sony 6758.T | Japan | $156B | +33% | +1% | 13% | 18.7× | 3.4% | +6.8% |
| Asustek Computer 2357.TW | Taiwan | $19.3B | +55% | +32% | 6% | 11.4× | n/a | n/a |
| Supermicro SMCI | United States | $18.9B | -19% | +156% | 9% | 4.8× | n/a | n/a |
| Dell Technologies DELL | United States | $209B | +26% | +49% | 10% | 11.6× | 10.1% | +5.6% |
| Dawning Information Industry 603019.SS | China | $16.8B | -17% | +32% | 13% | 38.4× | 31.2% | +8.0% |
| Wistron 3231.TW | Taiwan | $16.3B | +13% | +107% | 4% | 8.1× | n/a | n/a |
| Zebra Technologies ZBRA | United States | $15.2B | +42% | +17% | 17% | 14.9× | 14.8% | +4.1% |
Hewlett Packard Enterprise has 16 bonds outstanding with $15.4B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.82%, a spread of 106 bp over government bonds.
Hewlett Packard Enterprise reported $10.9B of remaining performance obligations at 31 Jul 2026, up 8% from a year earlier and up 1% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.